No industry or market sector in India today is immune from the power of digitalization. The Indian pharma industry, for example, has seen FDI inflows totaling US$ 19.90 billion between 2000-2022, making it the third largest pharmaceutical sector by volume globally.
But now the sector wants to pivot from volume production towards value production – something Health Biotech Director Paramjit Arora believes digitalization will be a critical enabler in helping this transition take place.
Pharma companies have begun to recognize that their mission is not simply to manufacture medicine, but also ensure it reaches the right customer and market.
Traditional marketing of pharmaceuticals was often focused on the product alone. But with new challenges and evolving consumer expectations taking hold of the market, pharmaceutical companies must step up their digital game.
A successful digital transformation will fundamentally alter how they run their operations; success in domestic sales growth depends on companies’ capacity for adopting digital marketing techniques.
“Pharmaceutical websites have seen an exponential surge in traffic, especially following the COVID-19 pandemic. Patients are seeking as much information about medicines and treatments as they can get.
Digitalization provides our company with the capacity to offer personalized service to customers while reaching out to potential customers and showing how our valued products and services outpace those of competitors,” states Paramjit Arora, Health Biotech Director.
Health Biotech’s export network spans 50+ countries; during the COVID-19 pandemic, Remdesivir reached millions around the globe through digital tools made possible thanks to digitalisation tools.
The pharmaceutical industry stands out among other sectors, and its digital transformation is essential for improved patient care, cost effectiveness, transparency, production, and drug development. Becoming a digital business means revolutionizing how you approach customer interactions.
People today expect seamless digital experiences across a variety of platforms and devices. Companies that fail to deliver this level of service run the risk of losing a customer. Pharma companies must evaluate, develop and digitize all customer touchpoints to stay ahead and remain competitive.
This applies across all customer types – including patients, providers, payers and employees – with digital developments like cloud solutions, advanced analytics and Internet of Things (IoT) revolutionizing the pharmaceutical industry.
In recent years, the domestic pharmaceutical industry experienced phenomenal growth – forecast to reach $1 trillion by 2023.
To stay abreast of demand and maintain growth in this space, companies need to be able to enhance efficiency, identify new pharmaceutical opportunities and build stronger connections with patients and prescribers through digital transformation.
Furthermore, as one of the world’s most regulated industries due to GMP regulations regarding production, advertising and marketing practices, having an effective digital strategy is necessary for supporting overall corporate strategy.
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